Chinese Rebar Export Offers Surge by USD 30/MT M-o-M

Rebar offers Similar in both China and CIS export market at USD 410-415/MT

Chinese rebar offers in the international market have increased by around USD 30/MT M-o-M and stood at USD 410-415/MT, FoB main port.

Meanwhile, domestic/spot rebar prices for HRB 400 grade (25 mm) in Beijing moved up by RMB 400/MT (USD 58) within a month and stood at around RMB 2,970/MT (USD 433). The same grade material in Shanghai stood at around RMB 3,120/MT (USD 454); offers up by RMB 550/MT (USD 80) in the same duration.

As per Market reports due to the sharp increase in coking coal in the last one month and the cut in Steel production in China led to rise in steel prices.

Similarly, other global markets like Turkey and CIS reported increases in export offers, following increase in Chinese rebar offers. CIS offers have increased by USD 30/MT, Turkey by USD 17/MT, UAE imported offers also by USD 33/MT in the duration.

While, the Indian rebar prices has an also increased offer by USD 15-20/MT in the last one month. Currently, 12 mm rebar prices are hovering in the range of USD 400-410/MT (ex-Mumbai, excise duty & other taxes extra).

Global rebar offers as on 3 Dec’16

USD 1 = INR 68.01, USD 1 = RMB 6.87
Source: SteelMint Research